Cbn launches new cybersecurity guidelines for dmbs psps
A very specific and technical topic!
CBN stands for Central Bank of Nigeria, and it appears that they have launched new cybersecurity guidelines for Digital Money Businesses (DMBs) and Payment Service Providers (PSPs).
Here's a breakdown of the announcement:
Background: The Central Bank of Nigeria (CBN) has been working to promote the growth of the digital payment ecosystem in Nigeria, while also ensuring the security and stability of the financial system.
New Guidelines: The CBN has launched new cybersecurity guidelines for DMBs and PSPs, which aim to provide a framework for these entities to implement robust cybersecurity measures to protect their systems and customers.
Key Requirements: The guidelines outline several key requirements, including:
- Risk Assessment: DMBs and PSPs must conduct regular risk assessments to identify potential vulnerabilities and threats to their systems.
- Security Controls: Entities must implement robust security controls, such as firewalls, intrusion detection systems, and encryption, to protect their systems and data.
- Access Control: Access to systems and data must be restricted to authorized personnel, and multi-factor authentication must be used to ensure secure access.
- Incident Response: DMBs and PSPs must have an incident response plan in place to quickly respond to and contain security breaches.
- Compliance: Entities must comply with the guidelines and report any security incidents to the CBN.
Benefits: The new guidelines are expected to enhance the overall security and stability of the digital payment ecosystem in Nigeria, protecting customers and promoting trust in the system.
Conclusion: The CBN's new cybersecurity guidelines for DMBs and PSPs are an important step towards promoting a secure and stable digital payment ecosystem in Nigeria. By implementing these guidelines, entities can reduce the risk of security breaches and protect their customers' sensitive information.